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Gemfields’ Record-Breaking Ruby Auction Fetches $69.5 Million


Gemfields, a British coloured gemstone miner, said its latest ruby auction achieved a total revenue of $69.5 million. The auction, which took place online from 20 November to 5 December 2023, featured mixed-quality rough rubies from the Montepuez mine in Mozambique, which is operated by Gemfields in partnership with Mwiriti Limitada.

The auction was a resounding success, as all 97 lots offered for sale were sold, with an average price of USD 290.02 per carat. This is the highest average price per carat ever achieved by Gemfields for its rubies, and reflects the strong demand and appreciation for the quality and provenance of the gemstones.

The auction also marked a significant milestone for Gemfields, as it pushed its cumulative emerald and ruby auction sales past the $2 billion mark, with nearly $400 million paid in mineral royalties and corporation taxes to the governments of Mozambique and Zambia, where the company operates its mines.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, said: “We’ve seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies is decidedly healthy. Gemfields’ total auction revenue for 2023 stands at USD 242 million, the second highest in our history.”

source: www.gjepc.org